we are going to pull the trigger, i swear..., page-10

3bornot3b,

I used to be HGO's most vociferous supporter. I did. But HGO have trained me not to believe a word they say. I was far far too trusting over the last 12 months.

- When they said last October that trenching samples were due shortly from Bird's Head, I believed them. We still have no trenching samples from WP.

- When HGO said they were looking to JV Kanmantoo and had 10 interested parties, I believed them.

- Then, when HGO said they wanted to go it alone, and raised capital, I believed they would then make an FID.

- When they turned their back on a JV, because they said they had strong support from institutions and financiers I believed them. I believed that no one would turn their back on Plan A, without having the finance for Plan B sorted. Apparently, this is what they did.

- I thought they would make an FID when they got their final MARP approvals. I was wrong.

- When the company said they were going to do a buyback, I believed them. The price dropped, no buyback.

- I believed HGO when they said they would make an FID in May.

- I believed them when they said the diamond drilling was to look for extra copper to extend the mine life. Then when they found little copper, they said the drilling was simply to validate the existing mine plan.

- When David Archer said at the AGM that he didn't envisage any political problems in HGO making an FID because of the RSPT, he was (strictly speaking) correct. There were no political problems, because they DIDN'T MAKE an FID.

- And when they bought swaptions, I believed that this was a prelude and precondition to making an FID, rather than a pure exercise in commodity and currency speculation. I appears that it was the latter, and they had to book a loss on that little flutter.


There are only so many times you can take the word of the company. And when time after time they do not back up their words with actions, then the company trains you not to believe them. You begin to take everything they say with a very large pinch of salt. "The Company Who Cried Wolf", or in this case, FID.

Well, I have just stopped believing them.

What is the old saying, 'fool me once, shame on you; fool me twice, shame on me."

Well, shame on me.

I am only going to stick around for the rest of this year, FID or not. After that, it is time for a new company who do what they say they are going to. I just don't trust them anymore.

Yaq